The Public Finance Review Tool Training Session was held on Oct 31st at the KDI School of Public Policy and Management. The session was led by Eric Anthony Lacey, Economist in the Fiscal Policy Unit of the World Bank (joining virtually from Washington, D.C.), Anders Hjorth Agerskov, Senior Public Sector Specialist at the World Bank, and Dr. Jinseong Park, Assistant Professor at the KDI School. 

In the opening remarks, Dr. Park welcomed participants and emphasized the significance of integrating data-driven tools into economic policy research. “As policymakers, we know the importance of data,” he said. “The Public Finance Review Tool gathers various datasets into one place, helping users analyze education, health, and social protection spending with ease.” Following his introduction, Mr. Lacey provided a detailed overview of the World Bank’s fiscal analysis framework. He explained that the Public Finance Review serves as one of the Bank’s most important fiscal diagnostics, forming the foundation of fiscal policy dialogue in developing countries. Conducted typically every five years, a PFR assesses revenue performance, expenditure efficiency, fiscal sustainability, and the equity implications of fiscal policies. According to Lacey, the new Excel-based tool aims to make this analytical framework more accessible. “The idea was to take the methods and data used in World Bank fiscal analyses and put them directly in the hands of young and aspiring economists,” he said. “We designed it to be practical, easy to use, and connected to global databases.”

The tool consolidates fiscal indicators and modeling results from multiple data sources, including the World Bank, IMF, and national ministries of finance. By automating data updates and simplifying peer comparisons, it allows users to focus on interpretation and policy design rather than data preparation. Mr. Lacey showcased key features, including peer selection, automated chart generation, and data visualization for macroeconomic, revenue, and expenditure analysis. “It’s not just a spreadsheet,” he explained. “It’s a curated analytical environment that makes fiscal diagnostics faster, more standardized, and more transparent.” Participants learned how to select a country of analysis, identify structural, regional, and aspirational peers, and explore visualizations covering macroeconomic balance, tax revenue composition, and expenditure efficiency. For example, users compared Sierra Leone’s revenue composition with peer economies, identifying gaps in tax collection and opportunities to enhance revenue mobilization.

Julio Velasco, one of the tool’s architects from the World Bank, joined the session virtually to guide participants through live exercises. He demonstrated how to modify peer groups, navigate across chapters, and customize parameters. The group examined South Africa’s fiscal balance to understand the relationship between the primary deficit and debt sustainability, and later analyzed Sri Lanka’s expenditure efficiency and budget execution patterns. The hands-on exercises encouraged active engagement, with participants exploring how different indicators can inform fiscal reforms. As Mr. Agerskov explained, “This tool helps you turn numbers into stories. It’s about translating data into insights that guide smarter policy decisions.”

At the end of the session, participants engaged in an extensive Q&A segment. Questions ranged from technical aspects, such as updating datasets and running simulations to the future availability of the tool. One participant asked whether the Excel-based model would receive regular updates. Mr. Lacey confirmed that the internal version is connected to World Bank servers, allowing for automatic data refreshes when new global datasets, such as the IMF’s World Economic Outlook, are released. “We’re working to make a public version available,” he added, “so academics and policymakers can benefit from the same analytical rigor used by World Bank economists.”

Another question concerned the possibility of inputting custom data or running local simulations. Lacey explained that the internal version allows users to upload country-specific data directly into designated sheets—functionality the team hopes to extend to the public edition. Mr. Velasco noted that the main challenge lies in ensuring data confidentiality and institutional approval before the tool’s full release.

As the session concluded with applause, attendees left with a deeper appreciation of how fiscal transparency and analytical innovation can drive effective governance. The Public Finance Review Tool Training Session underscored the power of collaboration between international institutions and academia in building the next generation of evidence-based economists.